Australian shares are poised to tumble, in line with heavy losses in New York as the August CPI report paved the way for higher, and at a faster pace, rate increases in the US.On Wall St at 12.45pm: Dow -2.8% STesla -4% Apple -4.2% Amazon -5.2% Alphabet -4.5%The local currency shed 1.9 per cent; the Bloomberg dollar spot index was 1 per cent higher.The yield on the US 10-year note was 8 basis points higher to 3.44 per cent at 12.48pm in New York.P 500 slid below 4000.P 500 industry groups lower.
Fed officials gather next Tuesday and Wednesday for their regular policy meeting. Financial markets have priced in a 75 basis points rate increase next Wednesday, with potential for a full percentage point, according to CME’s FedWatch Tool.European shares tripped 1.6 per cent on Tuesday, retreating from two-week highs hit earlier in the session after release of the US consumer price data.Interest rate-sensitive tech stocks weighed the most, down 3.2 per cent, while real estate names lost 3.
OPEC is sticking to its forecasts for robust global oil demand growth in 2022 and 2023, citing signs that major economies were faring better than expected despite headwinds such as surging inflation.
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Source: FinancialReview - 🏆 2. / 90 Read more »